DEAR EDITOR:

As a retired Ohio educator and member of the State Teachers Retirement System of Ohio, I am disheartened by all the recent controversy surrounding STRS. Three to four years after retirement, my own contributions to the pension plan were depleted and I am now comfortably living from the investments of our pension system. Vocal critics of STRS claim that benefit recipients were promised a yearly Cost of Living Adjustment; however, Ohio Revised Code 3307.67 was changed in 2012, and the law clearly states that the Retirement Board may adjust the COLA upward or downward if the increase does not materially impair the fiscal integrity of the retirement system.

In my opinion, a yearly COLA should never be granted at the expense of recipients’ pensions which are guaranteed by Ohio law. A 1% COLA was paid to retirees in fiscal year 2024; a 3% COLA, in fiscal year 2023. The 2023 and 2024 COLAs will remain in my benefit package going forward. A permanent repeating COLA, a COLA that provides an additional 1% every year, would cost the fund $7 billion. STRS Ohio has been fortunate to have an in-house investment division that oversees our portfolio, thus saving the system $130 million in yearly fees that would otherwise be paid to outside firms with a higher price tag. If our investment staff did not receive industry-standard bonuses, they would take jobs elsewhere. Employing savvy financial advisors is paramount to safeguarding our funds. In recent years health care premiums for those with 30 years of service have been reduced for both Medicare and non-Medicare recipients. The time has come to acknowledge the good STRS Ohio has done for its membership since 1920 and dismiss the anger at not receiving a yearly COLA. The system needs to continue to exist not only for my colleagues and me but also for all future retirees.

DENISE M. DELTONDO

McDonald